PANews reported on January 1 that, according to Cointelegraph, investment bank Keefe, Bruyette & Woods (KBW) upgraded Bitcoin miner TeraWulf (WULF) from "market performer" to "outperform" and raised its target price from $9.50 to $24.

KBW stated that this reassessment is based on investors “underestimating the magnitude of the shift from Bitcoin mining to a high-performance computing (HPC) leasing portfolio in 2026-2027, and the strong growth momentum from a net 646 MW of HPC leasing projects by 2027.”